Clock ticking on quest for Go-Zone bonds for hotel
Jackson City Council approval is not assured, considering city taxpayers are to serve as co-signers on the $96M in convention center hotel debt
by Ted Carter
Published: November 13,2011
TCI Realty of Dallas, a prospective partner with the City of Jackson on a convention center hotel, is racing the clock to gain a $70.1 million share of Mississippi’s tax-exempt Gulf Opportunity Zone bonds before they expire Dec. 31.
Meanwhile, the nearly $100 million project faces a council increasingly skeptical about inheriting a development partner from a previous mayoral administration and pledging city tax dollars to backstop the deal.
The Mississippi Development Authority and Gov. Haley Barbour are reviewing applications for more than $350 million in Go-Zone bonds. The application for the $70.1 million is the only one still out, said Kathy Gelston, CFO of the MDA, the agency that has administered the bonds since Congress created them as part of the Katrina recovery effort.
Citing confidentiality rules, Gelston would not say whether…
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